The beginning of September turned out to be good for Bitcoin. The price of the cryptocurrency finally climbed above $50000. However, the breakout of the $50000 mark was not as bright as we would like. At the time of publication, the BTC/USD pair is trading around the $50000 mark, and has not yet been able to gain a foothold above $50000.
Thanks to today’s growth, the BTC/USD pair was able to break up the downtrend line, which has been forming since the end of August on the hourly chart. Also, the BTC/USD pair managed to rise above the 100-hour moving average, which now plays a support role in the area of $48100.
However, if Bitcoin cannot hold above $50000, it will receive immediate support around $49650. If the EUR/USD pair descends below this level and the level of $49500 fails the price from the fall, it could fall around $48800.
If the bulls fix the Bitcoin price above $50000, it will continue to rise. The next stop on the way to $52000 could be the level of $51550.
It is also worth noting that the bulls need to take a break after the breakout of $50000 in order to continue to rise. We will see an increase in buy orders as we approach the 55000 mark.
